President tells CBSL to seek legal advice regarding ETI and TFC issues

President tells CBSL to seek legal advice regarding ETI and TFC issues

President tells CBSL to seek legal advice regarding ETI and TFC issues

Written by Zulfick Farzan

30 Jun, 2020 | 11:17 am

Colombo (News 1st); President Gotabaya Rajapaksa directed officials of the Central Bank to deliver justice to depositors of ‘ETI Finance’ and ‘The Finance Company PLC’ after seeking legal advice regarding those insolvent companies immediately.

The President had called for the establishment of a committee representing the Presidential Secretariat, the Central Bank, the Treasury, and the depositors to monitor the future course of action on the issue.

Under the first phase, repayments will be made to the depositors of both companies with a deposit value of less than Rs.600, 000, said the President’s Media Division.

“I emphasized that justice should be delivered to all other depositors too; even by seizing all properties owned by the two institutions,” said the President on his official Facebook page.

On Monday (29) President Rajapaksa held a meeting at the Presidential Secretariat to review how the repayment process being carried out at the ETI Finance and The Finance Company PLC.

A Presidential Commission of Inquiry (PCoI) was established to look into ETI Finance Ltd’s transactions.

According to the President’s Media Division, Prof. W.D Lakshman, the Governor of Central Bank stated during the next Monetary Board meeting they will introduce measures to provide appropriate solutions to the complaints and grievances presented by the public after investigating them thoroughly.

In addition, the governor assured he will address shortcomings at the Central Bank which directly impact the general public and restore its dignity as an institution.

The post on the President’s Official Facebook page said the assets of the ETI Investments and The Finance Company will be assessed and take over without litigation and the money owed to the general public will be returned, adding stern action will be taken against persons who fail to repay their loans.

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